Energy market in the UK

Energy market in the UK

Module: Understanding Business and Economic Environment.

Write an essay of maximum 1,500 words on the Energy market in the UK.
Read and watch the following extracts and answer the subsequent questions:
Extract 1: The Energy Market Explained
http://www.energy-uk.org.uk/energy-industry/the-energy-market.html
Extract 2a: Energy Outlook
http://www.bp.com/en/global/corporate/about-bp/energy-economics/energyoutlook.html?gclid=Cj0KEQjwtvihBRCd8fyrtfHRlJEBEiQAQcubtNAp9qeULrzyhRfXJ3fP52W4lZKS
7UpQT-WkqISZN1oaAlPW8P8HAQ
Extract 2b: Statistical Review of World Energy 2014
http://www.bp.com/en/global/corporate/about-bp/energy-economics/statistical-review-of-worldenergy.html?gclid=Cj0KEQjwtvihBRCd8fyrtfHRlJEBEiQAQcubtB1hRniIfII-NwURqEUkI2awllz6nd13xj6_HdBQhYaAp-U8P8HAQ

a) Use a supply and demand diagram to describe the UK energy market, explaining the upward or
downward slope of the supply and demand in your diagram.
b) Discuss the concepts of elasticity of demand and supply and external factors influencing the
equilibrium position of energy market in 2014.
c) Find out statistical forecast for future energy prices and comment on any likely impact of this
forecast on the UK energy market within the next few years.

Harvard referencing system within and at the end of text, (b) writing style that includes sentence and paragraph structures, punctuation and page numbering and c) font Arial or Calibri size 12 with 1.5 line spacing. (Weight = 10%).